Barclays Private Equity invests £15 million in AFI-Uplift
Barclays Private Equity, the pan-European mid-market private equity house, has invested £15m in the merger of AFI Aerial Platforms and Uplift Platforms, hirers of powered access machines. Barclays Private Equity will hold a significant stake in the enlarged business.
AFI Aerial Platforms, based in Wakefield, is one of the UK’s fastest growing powered access rental businesses which has fifteen depots generating a turnover of £20m in 2006.
Uplift Platforms, the Northern access company, was formed in 2001 and has a turnover of £5m. The new holding company, AFI-Uplift, will rank as second within its market with over 200 employees and over 3,200 powered access units.
The merger was made possible with backing from Barclays Private Equity. Barclays Private Equity Investment Director Steve O’Hare, who will also join the board as a non-executive director, says: “We are delighted to be supporting the merger of these successful businesses. We are backing the leading management team in a fast growing niche of the UK plant hire market. We believe future consolidation opportunities exist to accelerate our growth.”
Nick Selley, previously from AFI and newly appointed Corporate Development Director of AFI-Uplift says: “The merger of Uplift is a further tangible demonstration of our confidence in the future of the UK powered access rental sector as a whole. There are significant opportunities for growth, especially as a result of the new ‘Work At Height’ regulations and the need for safer methods of access, we are experiencing strong levels of demand.”
Selley continues: “Uplift is a strong player in the Northern powered access rental market. This joining together of the two companies will enable us to build a stronger, enlarged business. We are also pleased that Barclays Private Equity has come on board to support this significant expansion.”
John Walker, Nathan Elstub and Jim Renahan also worked on the deal for Barclays Private Equity. p>
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